As XRP approaches record high, co-founder moves $26 million worth of the token
XRP, the third-largest cryptocurrency in the market, is making a strong push towards surpassing its previous all-time high set over seven years ago. Recent data shows that XRP is performing exceptionally well, especially when compared to other major cryptocurrencies like bitcoin, ethereum, and solana. In the last 24 hours alone, XRP has surged by an impressive 8.2%, and over the past seven days, it has seen a significant increase of 32%. The current price of XRP is less than 5% away from reaching its peak value of $3.40, which it reached back in January 2018.
A recent report from DLNews revealed an interesting development in the XRP market. Ripple co-founder Chris Larsen transferred a staggering $26 million worth of XRP tokens to the centralized exchange Coinbase on Tuesday. This move is seen as a strong indicator of Larsen’s intention to sell off a portion of his XRP holdings. The substantial increase in trading volume further supports the notion of heightened activity surrounding XRP. In the past 24 hours, XRP has seen a trading volume of $12.3 billion, marking an impressive 186% increase compared to the previous week when the volume was just under $4.3 billion, according to data from CoinGecko.
The current price level of XRP has not been seen since around the time of the second inauguration of President Donald Trump. Since then, a number of companies have announced their intention to integrate XRP into their treasury strategies, signaling growing interest in the cryptocurrency. Additionally, two leveraged XRP ETFs have recently been launched, providing investors with new ways to gain exposure to XRP. Furthermore, Ripple, the company associated with XRP, has taken steps towards securing a national banking license, underscoring its commitment to expanding its presence in the financial sector.
In light of these developments, it is clear that XRP is gaining momentum and attracting significant attention from both retail and institutional investors. The recent transfer of $26 million worth of tokens by Chris Larsen highlights a growing interest in realizing profits as XRP approaches its all-time high. With a robust trading volume and a bullish market sentiment surrounding XRP, all indications point towards a continued upward trajectory for the cryptocurrency in the near future. As XRP continues to outperform its counterparts and make strides towards reclaiming its peak value, all eyes are on this digital asset as it cements its position in the competitive world of cryptocurrencies.
